Give moving boxes for Christmas!

Struggling to pay too much for new boxes? Tired of driving around to grocery stores to find that they have already gotten rid of theirs? Have a friend moving during the holidays?
You can go to usedcardboardboxes.com and purchase boxes for your move.
I was impressed! They offer free shipping, and if you purchase before 3 p.m., they will ship in 1 to 2 days. They also offer "moving kits" depending on the size of your home. The site is about 30% less than other companies that sell new boxes.
Save a tree!
http://www.audreybutlerhomes.com/

Weekly mortgage interest rate comment from Mickey 12.18.07

The weekly mortgage rate comment from Mickey Carlton:

Mortgage interest rates hit a two-year low on Monday, December 3, but have experienced an increase since that time time. Currently, thirty-year mortgages, without discount points, range from 6.25% to 6.75% depending upon loan size and creditworthiness of the borrower. Please note that Fannie Mae and Freddie Mac are instituting new policies regarding an individual's credit score. It is going to become increasingly difficult for lenders to quote an interest rate without "pulling" a potential borrower's credit report. Be prepared for possible grumblings from your buyers as lenders become more and more reluctant to price a loan without fully "diagnosing" the patient.

Thanks, Mickey! If you have any questions, please contact me through my website at: www.audreybutlerhomes.com.

Under 740? Ask for an improved credit score for Christmas

With all the subprime loan problems that have hit this country this year, (see my earlier blog entries) we are starting to see new guidelines for obtaining a home loan. My friend, Mickey Carlton wrote me about one of the changes that we will see in the next few weeks. To understand what he shares below, I'll explain a little about the home loan process.

When you go to a company to get a home loan, they are considered the primary mortgage market. After closing your loan, they are usually sold to the secondary mortgage market, including Fannie Mae and Freddie Mac. When they put out new guidelines, everyone has to follow them, or they cannot sell their loan. Given that background for those of you who are new to the market, here are Mickey's words:

Historically, an approval by Fannie Mae or Freddie Mac's proprietary software meant that a borrower qualified for "good rates" regardless of his or her credit scores. The computer software considered the scores along with loan amount, income and employment history, and liquid assets. An approval obtained by the 640 credit score applicant was as marketable as an approval by a 740 credit score applicant.

This is no longer true. The agencies are changing their pricing models on loans delivered after March 1, 2008. A loan that closes in January might not make it to the agency until March so most banks are already adjusting their pricing. In the very near future, buyers are going to be priced depending upon their credit scores. Lower scored borrowers may be priced out of the Fannie/Freddie market even if they qualify for a Fannie/Freddie program. The answer, in many cases, will be FHA. There are no more subprime loans and Fannie/Freddie is making it harder on the marginal borrowers to obtain a "good" rate.

Bottom line: you need a credit score of 740 or higher for a good interest rate loan. If you have a few "dings" in your credit, contact me at http://www.audreybutlerhomes.com/ and I can connect you to someone who can provide guidance to help you.

Mickey's weekly interest rate update for 12.11.07

INTEREST RATE UPDATE FROM MICKEY CARLTON FOR 12/11/07:

Investors turned optimistic late last week when the administration announced plans to aid beleaguered subprime mortgage holders. Anticipation of a rate cut from the Federal Reserve also encouraged stock traders to return to the "buy side". The result was a worsening by .25% in mortgage rates that had been gained during the previous week. We are currently pricing 30 yr conforming (<$417K) fixed rate mortgages between 6.125% and 6.625% without points or origination fees. Individual borrowers' rates are determined by loan size and creditworthiness.

For more information, write me at: www.audreybutlerhomes.com

Mortgage Interest rate comment from Mickey, week of 12.04.07

Here is the weekly interest rate comment from Mickey 12.04.07:

Mortgage interest rates have reached new lows for the year as we near year-end. Today, buyers seeking financing can secure 30 year fixed rate conforming (<$417,000) mortgages for rates ranging from 5.75% to 6.5% depending upon loan size and the creditworthiness of the borrower. Rates have improved in spite of last week's stock market gains. Long-term note and bond traders seem more concerned about the likelihood of a recession. Friday morning's employment figures (estimated at 77,000 new jobs vs. 166,000 last month) should be the next big influence on interest rates. Next week, all eyes will be focused on the Federal Reserve meeting. The Fed is widely expected to reduce short-term rates which would have an immediate impact on consumer rates such as credit cards, auto loans and home equity lines of credit.

I want a smart house for Christmas!

Wondering what to get from Old St. Nick? How about a smart house?

I heard that the Gates (Bill Gate's family) have a smart house---they spend millions, but they have technology working to their advantage in their home.

Now there are technologies available to the general public! Last year, Business 2.0 shared that there are some devices to use now.....

Check out AT&T, iControl and Nobu for:

• Sprinklers that turn off when it rains
  
• Controlling the blinds by remote


• Caller ID displayed on the TV


• Live video of the inside of the house sent to your phone


• Motion sensors send a text message when doors or windows open


• Pool temperature set from your cell phone
  

Not many homes like that in Orlando, but the can be installed.....

check out my website at: http://www.audreybutlerhomes.com/